Midwest Ltd

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Midwest Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Midwest Ltd

₹ 986 -3.49%
13 Nov 10:50 a.m.
midwest.in BSE: 544587 NSE: MIDWESTLTD
About

Incorporated in 1981, Midwest Ltd is engaged in the business of exploration, mining, processing, marketing, distribution, and export of natural stones.[1]

Key Points

Business Profile[1]
Midwest Limited is a vertically integrated natural stone and mining company, dominant in Black Galaxy and Absolute Black Granite, with diversified operations across Granite, Diamond Wire, Quartz, and emerging Heavy Mineral Sands.

Website BSE NSE - BE
  • Market Cap ₹ 3,567 Cr.
  • Current Price ₹ 986
  • High / Low ₹ 1,860 / 860
  • Stock P/E 31.7
  • Book Value ₹ 282
  • Dividend Yield 0.00 %
  • ROCE 15.8 %
  • ROE 13.6 %
  • Face Value ₹ 5.00
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Pros

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 11.2% over past five years.
  • Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Granites & Marbles

Part of BSE IPO BSE Consumer Discretionary BSE 1000 Nifty IPO

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
141 117 230 142 159 129 216 192 183
111 94 156 103 112 98 157 143 135
Operating Profit 31 23 75 39 47 31 58 49 48
OPM % 22% 20% 32% 27% 29% 24% 27% 25% 26%
4 6 2 4 2 5 3 6 7
Interest 2 3 3 4 4 5 2 4 5
Depreciation 6 6 8 7 7 9 8 9 9
Profit before tax 27 20 66 33 38 22 51 42 41
Tax % 42% 28% 26% 26% 26% 23% 27% 26% 26%
15 15 48 24 28 17 37 31 30
EPS in Rs 4.40 4.18 13.95 6.86 8.22 5.06 9.83 8.13 8.09
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
380 525 503 586 626 646 719
284 418 412 428 451 467 534
Operating Profit 96 108 91 158 175 179 185
OPM % 25% 20% 18% 27% 28% 28% 26%
12 13 19 12 40 10 21
Interest 7 10 10 10 11 14 15
Depreciation 18 18 22 22 26 31 35
Profit before tax 83 93 79 138 178 144 156
Tax % 27% 28% 31% 27% 25% 26%
60 67 54 100 133 106 116
EPS in Rs 16.23 18.22 15.45 28.56 38.27 29.00 31.11
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 11%
3 Years: 9%
TTM: 11%
Compounded Profit Growth
10 Years: %
5 Years: 13%
3 Years: 26%
TTM: 0%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -11%
Return on Equity
10 Years: %
5 Years: 17%
3 Years: 17%
Last Year: 14%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 0.74 0.74 0.74 10 17 18 18
Reserves 277 345 409 485 602 944 1,003
103 98 151 124 242 192 226
122 160 95 138 195 209 189
Total Liabilities 502 604 656 757 1,056 1,364 1,436
206 232 255 254 307 424 641
CWIP 92 103 105 119 226 214 53
Investments 1 11 20 38 20 20 0
202 257 275 347 503 706 742
Total Assets 502 604 656 757 1,056 1,364 1,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
67 143 -52 128 87 175
-40 -99 -17 -64 -201 -276
-27 -14 45 -50 102 150
Net Cash Flow -0 31 -25 14 -11 49
Free Cash Flow 26 87 -86 79 -94 48
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 90% 164% -35% 105% 65% 123%

Ratios

Consolidated / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 50 29 70 74 140 129
Inventory Days 417
Days Payable 242
Cash Conversion Cycle 50 29 70 249 140 129
Working Capital Days -2 -30 30 43 83 81
ROCE % 25% 17% 24% 22% 16%

Insights

In beta
Mar 2023 Mar 2024 Mar 2025 Mar 2026 Mar 2027 (P)
Absolute Black Granite Production Volume
cubic meters

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Black Galaxy Granite Production Volume
cubic meters
Black Galaxy Granite Sold Volume
cubic meters
Captive Solar Energy Share
%
Exports Revenue Share
%
Quartz Processing Installed Capacity
MTPA
Black Galaxy Granite Exports Share
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2025Mar 2026Jun 2026Sep 2026
77.13% 77.13% 77.12% 77.12%
4.70% 4.37% 3.88% 3.84%
13.70% 13.78% 14.46% 14.23%
0.00% 0.00% 0.11% 0.11%
4.45% 4.71% 4.44% 4.70%
No. of Shareholders 20,02521,08620,20420,601

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Documents

Announcements

Annual reports

DRHP

Credit ratings

Concalls